REGISTERED NUMBER: SC293557 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

JML Contracts Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

82,916

114,370

CURRENT ASSETS

Stocks

257,484

231,320

Debtors

5

1,081,948

952,840

Cash at bank

309,296

1,240,110

1,648,728

2,424,270

CREDITORS

Amounts falling due within one year

6

(1,176,166

)

(2,025,559

)

NET CURRENT ASSETS

472,562

398,711

TOTAL ASSETS LESS CURRENT LIABILITIES

555,478

513,081

CREDITORS

Amounts falling due after more than one year

7

(8,333

)

(28,333

)

PROVISIONS FOR LIABILITIES

(20,729

)

(28,593

)

ACCRUALS AND DEFERRED INCOME

(4,839

)

(6,452

)

NET ASSETS

521,577

449,703

CAPITAL AND RESERVES

Called up share capital

3

3

Retained earnings

521,574

449,700

521,577

449,703

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Mr J Langley - Director

1.	STATUTORY INFORMATION

JML Contracts Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC293557. The registered office is The Arns, Auchterarder, Perthshire PH3 1EJ.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services in respect of building work carried out during the year, excluding value added tax. Income is recognised on completion of the service provided.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Website

-

25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Long term contracts

The company classifies as long term those contracts where the contract activity extends over more than one accounting period.

Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as total costs to date plus expected gross markup for that contract.

Where the amount recognised as turnover exceeds the payments on account received and receivable in respect of that contract, the balance is included in debtors as amounts recoverable on contracts. Retentions and payments on account receivable are included in trade debtors. Payments on account received in excess of the value of work done are included in creditors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 57 (2023 - 52 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Website

Totals

£

£

£

£

£

COST

At 1 January 2024

47,015

265,989

26,391

21,650

361,045

Additions

-

7,790

-

-

7,790

Disposals

-

(45,500

)

(16,041

)

-

(61,541

)

At 31 December 2024

47,015

228,279

10,350

21,650

307,294

DEPRECIATION

At 1 January 2024

7,633

203,267

23,402

12,373

246,675

Charge for year

5,130

24,325

747

2,319

32,521

Eliminated on disposal

-

(39,680

)

(15,138

)

-

(54,818

)

At 31 December 2024

12,763

187,912

9,011

14,692

224,378

NET BOOK VALUE

At 31 December 2024

34,252

40,367

1,339

6,958

82,916

At 31 December 2023

39,382

62,722

2,989

9,277

114,370

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

388,189

361,762

Amounts recoverable on contract

344,510

273,605

Other debtors

349,249

317,473

1,081,948

952,840

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

20,000

20,000

Payments on account

439,807

877,650

Trade creditors

262,485

360,625

Amounts owed to related parties

187,681

104,600

Taxation and social security

98,181

212,098

Other creditors

168,012

450,586

1,176,166

2,025,559

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

8,333

28,333

8.	COMPANIES WITH COMMON OWNERSHIP

Management charges paid during the year: £275,000 (2023 £200,000)

Loan balance due to related party at year-end: £187,681 (2023: £104,600)